Trump’s sale of D.C. hotel proved prescient as new owner defaults on loan
Trump’s sale of D.C. hotel proved prescient as new owner defaults on loan
Miami-based CGI purchased the lease rights from the Trumps for $375 million
As Donald Trump’s real-estate empire comes under pressure from a $355 million civil-fraud verdict, one of its most recent sales looks particularly well timed.
The Trump International Hotel in Washington, D.C., was a favorite Republican meeting spot during the Trump presidency, attracting lobbyists, lawmakers and others with business before the administration. After the Trumps faced criticism that they were flouting government-ethics laws by profiting from the property, they put up for sale the long-term lease rights for the hotel in the former Old Post Office.
In 2022, the Trumps sold those rights to Miami-based investor CGI Merchant Group for $375 million—a price that was tens of millions of dollars more than the other offers, according to people familiar with the matter. CGI rebranded the hotel as a Waldorf Astoria.
This month, the new owner defaulted on a $285 million loan related to the property, according to people familiar with the matter. The missed payments on that loan reflect higher interest rates and the above-market price the firm paid the Trumps, industry executives say.
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I get that if you're a respectable newspaper you can't just put a footnote: (*) because it was money laundering
But it's weird that say the whole thing with a straight face while standing so specifically placed so they're blocking the writing on the wall that says "MONEY LAUNDERING"
because it was money laundering
I prefer to think of it as a bribe.
I thought about investing the effort to construct a Drake meme, captioned with "overpaying for real estate" "campaign contributions" "consulting fee" "fuck it here's a briefcase full of cash" with all of them set to the "accepting" Drake. But I lost my motivation before I accomplished it.
You should go back and make the effort, don't let your dreams stay dreams
Don't let your memes stay dreams
In case of Drakes... yeah, keep those in dreams.
if you're a respectable newspaper
WSJ hasn't met the criteria for that in a while. At least since Rupert bought it.
That's weird. And here I thought that stating the facts without a narrative was good reporting.
I cane to the conclusion of "oh, so probably a bribe, then" from the facts. Until someone actually accuses them of crimes, it's best for the news to just highlight suspicious circumstances.
I think they did choose a narrative. "Prescient" is a narrative.
"Hotel formerly owner by former president now goes bankrupt" would be the more factual reporting.